China punches back as world weighs how to deal with higher US tariffs
Source: AP
BANGKOK (AP) — China hit back with a stiff import tax on U.S. goods as countries and industries around the world weighed their responses to President Donald Trump’s latest tariff hikes that are roiling global trade and world markets.
China on Friday took the retaliation route by imposing a 34% tariff beginning April 10 on the imports of all U.S. products, matching the added 34% imposed on Wednesday by Trump on Chinese imports along with increased tariffs on other countries and major trading partners.
Trump was swift to criticize Beijing’s move. “China played it wrong, they panicked -- the one things they cannot afford to do,” he wrote in a social media post, adding: “My policies will never change. This is a great time to get rich.”
Countries were taking different approaches as they sought a way to deal with the potential disruption to trade and supply chains. Taiwan’s president promised to provide support to industries most vulnerable to the 32% tariffs Trump ordered in his “Liberation Day” reciprocal tariffs announcement.
Read more: https://apnews.com/article/us-tariffs-trump-asia-china-europe-2c40881f1fe8f04624100c12d8d05296
More projection from the orange Don.
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